Bitcoin surged to an all-time high of $109,241 as the United States gears up to inaugurate President-elect Donald Trump, known for his pro-crypto stance. The cryptocurrency rose by 5.5% on Monday, marking a fresh milestone in its upward trajectory.
The rise in Bitcoin followed Trump and his wife Melania unveiling their own memecoins over the weekend. These tokens initially drew significant attention, quickly amassing a market capitalization exceeding $15 billion before experiencing a sharp decline. The launch briefly disrupted the digital asset market, diverting investments away from Bitcoin and other cryptocurrencies, while also drawing criticism from some industry insiders.
Despite this, Bitcoin, along with other major cryptocurrencies like Ether and XRP, showed strong recovery and momentum. This surge aligns with expectations of Trump’s administration prioritizing cryptocurrency development. Reports suggest Trump may issue an executive order to designate the crypto sector as a “national priority,” which could further bolster its adoption and regulation.
Market analysts attribute Bitcoin’s rally to retail investors’ optimism about Trump’s potential policies aimed at strengthening the crypto ecosystem. Ben El-Baz, managing director of HashKey Global, highlighted that the recent memecoin launches have intensified Bitcoin’s momentum as traders anticipate Trump’s commitment to the industry.
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Source: Moneycontrol
News Desk
